Spore Market: may take a positive cue from Wall Street, where stocks ended mostly higher on hopes for a resolution to the Greek debt crisis, while investors may feel better buying at current levels after recent declines. However, uncertainty will remain, capping any bargain hunting demand.
The STI declined 2.4% last week, completing an 8-session session losing run. Friday, it closed down 0.5% at 3005, its lowest level since Mar 23. Eyes will continue to be on the progress of the Greek debt crisis this week. While Germany agreed to compromise and work with the ECB on a debt plan for Greece, there are still fears in the market that Greece will eventually default, and such uncertainty has weighed on the markets.
STI support tipped at 2970-2980, resistance at 3040.
No comments:
Post a Comment